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Bitcoin drops below $40,000 for the first time in 14 weeks, but a bottom could be near
In this articleBTC.BS=-USSIn this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display in front of the Bitcoin course’s graph on February 09, 2021 in Paris, France.Chesnot | Getty ImagesBitcoin fell sharply on Tuesday continuing a major sell-off that began a week ago.The digital currency fell over 13% to hit an intraday low of $38,585.86 at around 12:54 a.m. ET, according to CoinDesk data. It was the lowest level since Feb. 9, the last time it dropped below $40,000.Negative news over the past week has dampened sentiment for bitcoin.On May 12, Tesla CEO Elon Musk said the electric carmaker had suspended vehicle purchases using bitcoin, citing environmental concerns over the so-called computational “mining” process. This is where high-powered computers are used to solve complex mathematical puzzles to enable transactions using bitcoin.Musk’s comments caused over $300 billion to be wiped off the entire cryptocurrency market that day.The announcement to suspend bitcoin payment came just three months after Tesla revealed that it bought $1.5 billion worth of bitcoin, and would start accepting bitcoin in exchange for its products.Early this week, the Tesla CEO clarified that the company has “not sold any Bitcoin.”Then on Tuesday, three Chinese banking and
Here's what Google announced today at its first developer conference since 2019
Google CEO Sundar Pichai speaks at the company’s 20201 Google I/O conference.GoogleGoogle announced a slew of updates to its developer products Tuesday at its first Google I/O event since 2019.Though Google makes most of its money from advertising, the annual event is a way to excite its developer ecosystem with updates ranging from software and artificial intelligence moonshots to shopping features. The company cancelled the annual developer conference last year due to the Covid-19 pandemic. This year’s event was mostly virtual, with a few in-person attendees at the company’s headquarters in Mountain View, Calif.Here’s a roundup of some of the more interesting announcements from the day’s event:HardwareThis year’s event was pretty light on hardware announcements — no big unveiling or refresh to its Pixel phones or home speakers. It did, however, announce some updates to existing products.Most notably, Google said it now has a whopping 3 billion active Android devices, globally, well ahead of Apple’s claim of 1 billion iPhones. However, Android devices are widely divergent in terms of the version of the platform they run, with some relying only on the core open-source code and others relying on custom apps and skins issued by hardware makers and carriers.The company
The WarnerMedia-Discovery deal was structured to make a future sale easier
Liberty Media’s John MaloneMichael Kovac | Getty ImagesLong-time employees of WarnerMedia have been through so many spinoffs and mergers that Monday’s announcement of its impending separation from AT&T and combination with Discovery amounted to gallows humor.”You just have to laugh,” said one veteran employee.Given that context, it may not be surprising that WarnerDiscovery — the leading candidate for a name, according to a person familiar with the matter — is structuring itself for a future sale.The key indicator that future chief executive David Zaslav is already considering a sale down the road — assuming the merger passes regulatory approval — is John Malone’s decision to give up his Discovery super-voting shares to merge with WarnerMedia.Based on the latest proxy statemen filed on Apr. 30, Malone owned 6.2 million Discovery Class B shares, giving him a total of 26.5% voting control — the most of any single owner. He held 19.5 million shares in total, amounting to a 4% economic interest. His voting control was much greater because of the super-voting stock.Malone agreed to turn in those shares for common equity because he wanted to give a combined WarnerDiscovery flexibility to sell itself in the future — most likely to a
Texas, Indiana and Oklahoma join states cutting off pandemic unemployment benefits.
Texas, Indiana and Oklahoma this week joined the growing number of states that are withdrawing from federal pandemic-related unemployment benefits.Supported by Republican governors and lawmakers as well as national and state chambers of commerce, the decision will eliminate the temporary $300-a-week supplement that unemployment recipients have been getting and will end benefits for freelancers, part-timers and those who have been unemployed for more than six months.In Wisconsin, where the governor is a Democrat, Republicans in the Assembly and Senate have introduced legislation to end participation.Alabama, Alaska, Arizona, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, North Dakota, Ohio, South Carolina, South Dakota, Tennessee, Utah, West Virginia and Wyoming also plan to end federal unemployment benefits, beginning in June or early July.“The Texas economy is booming and employers are hiring in communities throughout the state,” Gov. Greg Abbott said in a news release. “According to the Texas Workforce Commission, the number of job openings in Texas is almost identical to the number of Texans who are receiving unemployment benefits.”The moves will affect more than 3.4 million people in the 21 states, according to a calculation by Oxford Economics, a forecasting and analysis firm. Of those workers, 2.5 million currently on unemployment would
Shopify stock pops after Google announces online shopping expansion
In this articleAMZNGOOGLGoogle CEO Sundar PichaiGoogleGoogle is deepening its partnership with Shopify by making it easier for the company’s 1.7 million merchants to reach shoppers in Google Search and across some of its other properties.The move comes as Google and Shopify are ramping up their efforts to compete against Amazon in e-commerce. Amazon is also increasingly competing with Google on search ads for commercial queries, which typically mean a consumer is actively considering a purchase, and is expected to earn 19% of all search ad revenue this year, compared with about 57% for Google, according to eMarketer.Shares of Shopify popped as much as 4% on the news.Google made the announcement during its conference for software developers, Google I/O, which kicked off on Tuesday. The company didn’t offer many details about the integration, but it said it will allow Shopify businesses to appear across Google Search, Maps, Lens, Images and YouTube “with just a few clicks.”In a blog post, Google said this will make Shopify merchants’ products more discoverable across its various properties.”We believe you deserve the most choice available and we’ll continue to innovate on shopping every step of the way,” said Bill Ready, president of commerce and payments at
Microsoft starts to roll out Windows 10 update focused on quality
In this articleMSFTSatya Nadella, chief executive officer of Microsoft Corp., speaks during the Viva Technology conference in Paris, France, on Thursday, May 24, 2018. Viva Tech, a three-year-old event for startups, gathers global technology leaders and entrepreneurs as the French establishment unites behind a push for more tech investment in Paris.Marlene Awaad | Bloomberg | Getty ImagesMicrosoft said in a blog post on Tuesday that it’s starting to roll out the latest twice-annual update to its Windows 10 operating system. It’s not jam-packed with major new capabilities. Rather, it gives PCs a few more quality enhancements.The company is continuing to take a more careful approach with its Windows business, which generates about 14% of the company’s revenue. With more than 1.3 billion devices running it, Windows 10 remains the top desktop operating system with 59% share in April, according to NetMarketShare data.After introducing Windows 10 in 2015, Microsoft has spent the last few years bulking it up with updates, such as tools for crafting three-dimensional objects, applying photo filters and specifying parts of speech on websites. Two updates came out each year, while Apple’s MacOS and iOS and Google’s Android got just one.Microsoft dialed back the pace of development in
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